And inflation is becoming an increasingly home grown problem, rather than simply being driven by higher import costs.
Stephen Clarke, Senior Economic Analyst at the Resolution Foundation, explains:
While the price of oil is something to watch in future as it pushes up input prices for UK manufacturers, the effect of the post-Brexit pound devaluation is waning slightly with items that are less import-intensive driving the recent rise in inflation.
Prices of recreational and cultural goods, such as trips to the cinema, rose at their fastest rate for 8 years.
Eagle-eyed readers will note that Resolution are using ‘CPIH’, a measure of inflation which includes owner occupiers’ housing costs. It stuck at 2.7% in January